MNKD 2013 Annual Shareholders Meeting Notes - 23 May 2013

Valencia Embassy Suites, 28508 Westinghouse Place, Valencia, CA

Agoracom members met at the local Embassy Suites for question coordination.Members attending were Babaoriley, karma1, GWB, Trend-diver and wdnering.We concluded with 5 questions:

1.How are you valuing the Technosphere technology beyond Afrezza?

2.Would you give us an estimate of worldwide Afrezza sales?

3.What does a global partnership look like with regard to sales, manufacturing, distribution, etc.?

4.(To Al Mann) What are your personal plans for the next 5 years?

5.How quickly can the German manufacturing supplier deliver multiple filling lines to Danbury and how long does it take for installation and full operational compliance?How many eventual lines may you need?

MannKind Corporation Headquarters, 28903 Avenue Paine, Valencia, CA 91355

We met up with chmith27 from the Agoracom board in the parking lot.

The meeting room is is to the left of the lobby as you enter the main entrance of the building.Al Mann enters the room eating a cookie and sipping coffee.He gets to the podium and says a very loud good morning – the crowd responds likewise.The room is full.

Informal comments by Al:

-MNKD was one of the top 10 traded companies (by volume)on the exchange yesterday (5/22/13).

-It’s hard to imagine what is causing all of this.

-It could be reaching the $5 per share threshold which is a requirement for some mutual funds; buying shares using margin is now available; the large number of shares shorted … 45 million shares total at one time recently.There were 27M shares traded yesterday (5/22/13) and 14M by 10am today.

-We should establish quite superior Hba1C values with our current trials underway.

10 AM - Formal Meeting:

Hakan Edstrom, Matt Pfeffer, Ron Consiglio, and David Thomson were in attendance from MNKD and a member of the public auditing firm (name I didn’t get).

Voting was formally closed and completed.There were 252 million shares out of 289 million shares represented at the meeting.

-All nominated directors were elected.

-The equity incentive plan was approved

-The compensation of executive officers was approved

-Deloitte & Touche LLP were ratified

Al asked if there were questions for any of these matters and one attendee indicated he felt the compensation plans were very generous.Al either did not hear the statement correctly or he side stepped the issue by saying that he did not need more money so he did not increase his salary again this year.

Formal meeting adjourned.

Slide Presentation provided to Wall Street Conferences given by Al

-+/- 4% HbA1c improvement required for trial but he can’t imagine current trials will not be significant improvement.Some have speculated that the use of Afrezza may slow, may stop and even reverse the progression of diabetes.

-Could not ask for more cooperation or better cooperation from the FDA with current 2 trials.

-Product sales will grow as fast as MNKD can expand and make the product.Current treatment capacity at Danbury facility is 450,000 patients/year but 2 million patients per year could easily be attained with additional equipment.

General questions by the audience … Al is still at podium to answer and the answers included here are our what we thought we heard from him.

-How likely is insurance reimbursement for Afrezza?We were guided by insurance groups that reimbursement would be likely if costs are within a 5-10% premium. We have met with an insurance group which comprises approximately 30% of the PPO market and in a 5 to 6 month period, we should obtain reimbursement in tier 2.

-Are you still searching for type 2 patients?The current trials are almost over.With all of the MNKD trials we have performed, I have never been as impressed as I am with the current trial team!

-What is your opinion of the competition potential from Oramed?If it is remotely successful, it will be too expensive due to much larger insulin volume required. Oral absorption in general is difficult to estimate timing and insulin volume requirements due to digestion. We believe he mentioned a sub-cutaneous new product but tissue gets damaged over time. He said another technology involves using a poison.

-How are you valuing the Technosphere technology beyond Afrezza?We are working with a company now to apply Technosphere to their products. (Al turns to Hakan Edstrom or David Thompson and asks if we are allowed to disclose the company and he is told NO).I’m sorry, but I can’t tell you the company.

-Would you give us an estimate of worldwide Afrezza sales?I personally believe that the numbers will be larger than our marketing organization believes.There are a lot of forecasts out there.We’ll be competitive … Approximately a few $B in the US alone.This almost has to be a big deal.

-Can you explain how the trials are initiated with dosing.You increase the basal until you reach 120 mg/dl blood glucose or you create a hypo to start the trial.

-Do you have any plans for animal diabetes?Al was very polite but said no.

-Do you think that GLPs are obsolete?I always hate to say that any solution may be obsolete but they are troubled complications at this time.

-How or where do you buy MNKD shares for $2.60?Those are warrants as mentioned before.

-Have you seen any long term impacts from Afrezza?Cancer?Some users each time they use Afrezza there is a tickle in the throat created by the dry powder during inhalation causing them to cough, kind of like what happens when a person smokes for the first time or food goes down the wrong pipe. In some users it only happens just the first time they inhale Afrezza and for others it continues to happen for a couple of days (meaning each time they inhale and not a persistent cough for a couple of days). Also an extremely small lung function decline at almost the normal aging rate.Measured as less than 1% decline.

-After approval, when will Medicare reimbursement be available?Approximately 1 year.

-What does a global partnership look like with regard to sales, manufacturing, distribution, etc.?MNKD will perform manufacturing and our partner will provide sales and distribution.

-What are you doing to obtain other country approval?We have structured our trials elements so as to qualify for approval in Europe.All other countries have limited regulatory requirements using United States or European regulations as a foundation.We have recently been contacted by a government agency in Africa about Afrezza ( it did not sound like much would come of that until approval).

-Since the Mann Group has so many shares, do they allow their shares to be borrowed?We do not allow our shares to be borrowed.

-Do you know of any other technical ways to absorb insulin which may become competition for MNKD?There are only a few practical known ways to absorb insulin.Most are currently be used.

11:30 AM Meeting Dismissed – Board meeting scheduled immediately following the ASM.

We were unable to ask our #5 question regarding the response time of the German manufacturing equipment contractor.

Most of the Agoracom members that attended felt that this meeting had an underlying foundation of excitement, focus, clear direction and definitely full of enthusiasm.

WDNering